...I was looking to use an award at a Category 5 hotel this fall. It is offered for either 25,000 points or 14,000 points plus $65.

I've never seen this before. Interesting. The Member rate for the hotel is $400 for the night I want to stay, but if I'm looking at

this correctly, by taking the reciprocal of the point/$ ratio, it comes out to about $150/night using points and $$$, which is a pretty

good deal, given the $400/night rate.

Does anyone agree/disagree with my analysis?

I think you are better off using the points only.

Nope I am wrong, you are better off with the 14000 points plus 65 dollars. you are getting 2.4 cents per points plus 65 $ which is very good. Points only would be 1.6 c/point.